SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

February 23, 2011 19:20 ET

SelectCore Launches ReCash-Canada's First Retail Reload Network

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - SelectCore Ltd. (TSX VENTURE:SCG), a leading payment and transaction processor for the prepaid industry, is pleased to announce the launch of ReCash, Canada's first ubiquitous cash reload network for prepaid stored-value cards.

Similar to Green Dot Corporation in the United States, ReCash offers consumers a convenient and secure way to load cash onto their reloadable prepaid Visa or MasterCard.

For a nominal fee of $4.95, cardholders can purchase a ReCash Voucher with any dollar value up to $500 from a participating retail outlet. The funds can be transferred instantly to the customer's card via text message, online, or toll-free phone number.

For the initial rollout, thousands of existing retailers with SelectCore-owned Verifone terminals will become ReCash 'branches' and 'tellers'. The proprietary technology behind ReCash is integrated with the Company's legacy PrepaidONE platform which provides mobile top-ups for millions of prepaid users. SelectCore also has plans to quickly expand its reload network to include many of Canada's national chains.

Green Dot's success in the United States clearly illustrates the size and potential of the prepaid financial services industry. Last year alone, reloads for prepaid cards in the US surpassed $165 billion and this number is expected to more than double by 2013. The Canadian market is only in its infancy and is poised for growth as consumers gain awareness and society shifts away from cash towards electronic forms of payment.

"Our strategy is simple: to create the nation's first and largest retail reload network," says Keith McKenzie, CEO of SelectCore. "The recent success of the Green Dot (GDOT) and NetSpend (NTSP) IPOs has spurred considerable interest in the prepaid industry among investors and retailers alike."

"ReCash will play a key role in providing financial empowerment to millions of credit-challenged consumers who are underserved by Canada's financial institutions," commented Ryan Deslippe, President of SelectCore. 

The launch of ReCash is part of the Company's growth strategy to expand into high-margin financial transaction processing. For more information please visit www.recash.ca.

About SelectCore

SelectCore is a leading provider of transaction processing and point-of-sale solutions for the prepaid telecom market and financial services sector. From prepaid mobile top-up to stored-value cards, SelectCore services a market of nearly 80 million underserved and credit-challenged consumers through its extensive retail distribution network. A public company trading under the symbol "SCG" on the TSX Venture Exchange, SelectCore was ranked by Profit100 Magazine as one of Canada's fastest growing companies in 2006, 2007 and 2009.

This news release contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and objections to differ materially from those expressed.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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